The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.
NEW YORK (ETF Expert) -- With the Fed standing pat on its ridiculously easy money policy, there's very little reason to expect anything to change on the precious metals front. In the short term, the dollar will continue to weaken and commodity ETFs will garner additional inflows.
That said, traders should begin to consider a near-term possibility of shorting silver via ProShares UltraShort Silver (ZSL). The historical ratio between silver and gold prices has contracted to 33:1 from 90:1 in about 6 months time.
What's more, even with the Fed's policy, markets tend to anticipate change before it happens; that means, in the very near term, the dollar will get a bit of a bounce and silver will take a bit of a beating.
Of course, the main story Wednesday was not that the Fed left interest rates alone again. The fact that Chairman Bernanke would address the central bank's monetary policy in a 45-minute Q&A session was the actual headliner.
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